CC SR 20230718 I - June 2022 Final Treasury Report
CITY COUNCIL MEETING DATE: 07/18/2023
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to receive the June 2022 Final Cash Balances/Monthly
Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the June 2022 Final Cash Balances/Monthly Treasurer’s Report.
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): N/A
ORIGINATED BY: Jane Lin, Accountant
REVIEWED BY: Brittany Ruiz, Interim Director of Finance
APPROVED BY: Ara Mihranian, AICP, City Manager
ATTACHED SUPPORTING DOCUMENTS:
A. Monthly Treasurer’s Report (page A-1)
BACKGROUND AND DISCUSSION:
On September 6, 2022, the preliminary cash balance report for June 30, 2022 was
submitted for the City Council’s review. As part of the annual process, once the financial
audit is completed, Staff submits the attached final cash balance report for the City
Council’s approval.
Compared to the September 2022 report, the City’s final cash balance for June 30, 2022
has been adjusted and cash balances for other funds have been updated to reflect final
audited amounts. The changes are mainly due to the fair value with Local Agency
Investment Fund (LAIF) and Stifel, the investment brokerage firm. In accordance with
Governmental Accounting Standards Board (GASB), the City’s investments are reported
at fair value at the end of the fiscal year. The changes in fair value that occur during a
fiscal year are recognized as revenue from use of money and property reported for that
fiscal year. Revenue from use of money and property includes interest earnings, changes
1
in fair value, and any gains or losses realized upon the liquidation, maturity, or sale of
investments.
As reported to the City Council during the Fiscal Year 2021-22 year-end audit report in
May 2023, to comply with GASB 72 – Fair Value Measurement and Valuation (GASB 72),
the fair value adjustment reported at the en d of the year is $1.9 million. Of this amount,
almost $1.1 million is the difference between the investment’s par value and fair value for
Stifel’s investments. The remaining amount of $800,000 is the difference between the
LAIF investment account market valuation and its fair value. Given that the City’s practice
is to hold investments until maturity, the fair value adjustments are reversed in July 2022
as there is no impact to the fund balance in FY 2022 -23. Hence, on June 30, 2022, the
City’s investment with Stifel included $4 million in U.S. Treasury, $2.5 million in Agency
Bonds, and $18.25 million in Certificates of Deposit with 73 financial institutes.
Overall, the cash balances of the City totaled over $90.1 million, with over $58.6 million
or 64% of the total cash balance in the LAIF. The City has over $3 million or 4% of the
total cash balance with Bank of the West and over $4 million or 5% with Malaga Bank. In
addition, the City has Certificates of Deposit (CD) investments over $18 million or 20%,
Treasury Bills and Agency Bonds at $6.5 million or 7% of the total cash balance, and a
money market account of over $0.2 million or less than 1% with Stifel, our investment
brokerage firm. The City holds a money market account with Stifel for the transaction of
selling and purchase purposes. The securities are held by the Bank of New York and are
FDIC-insured.
Based on the final audited numbers, the City’s General Fund ended the year with over
$28 million or 32% in the cash balance, and the Capital Infrastructure Program (CIP) Fund
has over $38 million or 42% in cash balance. The remaining cash balances are in the
Equipment Replacement Fund with over $2.8 million or 3%, approximately $2 million or
2% in the 1911 Act Fund, over $0.3 million or 1% in the Habitat Restoration Fund, over
$0.6 million or 1% in the Quimby Fund, and over $17 million or 19% in Other Restricted
Funds.
The City’s cash balance increased by approximately $23 million compared to the June
2021 balance. As reported in the prior month’s report, the significant overall increase in
cash balance included the American Rescue Plan of $4.9 million, $8 million from Bank of
the West for the funding of the Ladera Linda Community Park Project, and the remaining
$10.1 million is a combination of increased in revenues and timing of disbursements in
General Fund and Other Special Revenue funds.
2
BEGINNING BALANCE
PLUS DEPOSITS
PLUS INTEREST EARNING5(1)
LESS CHECK DISBURSEME~TS
L ESS ELECTRONIC DIS8URSEMENT5(2)
ADJUSTMENT5(3)
FAIR MARKET VALUE ADJU,TMENTS
PLUS.T RANSFERS IN
LESS TRANSFERS OUT
ENDING BALANCE
( 1) Al LAI F interest is paid quarterly
(2) Electrornc Dlsllursements
Payrnii
Pa yroll Cll8rges
Petty Cash
Bank and Merd\anl Fees
e.n.:ortNWHI
Operating
5458 U811
2,880870 10
(2 726,097 14)
(684,964 92)
100956
(1 ,620 000 00)
3 308 965 71
409 807 29
258 761 09
713 00
15 683 54
684 964.92
(3) The ne1 adJuslment was due to a VOid cheok and m,scellaneous adjustment
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
JUNE 2022 (FINAL)
Malag, Bank
Non--Negotll.bl•
Petty Cull LAIF.CITY co
5 00000 58 332,197 54 4,316 827 49
2,897 55
(778,777 00)
1000,00000
5 000.00 58 553,4 20 54 4 ,319 725 04
JUNE 2022 CASH BALANCE BY MAJOR FUNDS
1% 1%
Vln-ltlg Sparkt
Mo ney Markel
1,042,43012
(1 369 825 78)
600,000 00
272,604.34
Vinlt19 Sj>arl<s/
s,~
ln-.Htment Total C.th
23,000 000 00 92.154 603 26
2 ,880,870 10
2,897 55
12 ne 09714)
(684 964 92)
1,750,000 00 381 ,183 78
(1 078 255 00) (1,857,032 00)
1,600000 00
(1 620,000 00)
23,671 745 00 90131 .460.63
■GEN ERAL FUN D 32%
■CIP 42%
■EQUIPMEN T REPLACEM EN T 3%
■1911 ACT2%
D HABITAT RESTORATIO N 1%
Q QUIM BY1%
■OTHER RESTR I CTED FUN DS 19%
A-1
I
CASH BALANCES BY FUND
Unrestncted
GENERAL FUND
Restncted bv Council Actioq
BEAUTIFICATION FUND
CIP
EQUIPMENT REPLACEMENT
BU ILDING REPLACEMENl'
EMPLOYEE PEN SION PlAN
EMPLOYEE BENEFITS
SublDtal
Restricted bv Law or E:xtemal Aoencies
STREET MAINTENANCE
1972 ACT I
EL PRADO
CDBG
CDBG-R
1911 ACT
SOLID WASTE
AIR QUALITY MANAGEM ENT
PROPOSITION C I
PROPOSITION A
PUBLIC SAFETY GRANTS
MEASURER I
MEASUREM I
HABITAT RESTORATION
SUBREGION 1 MAINTENANCE
MEASURE A MAINTENANCE
ABALONE cove SEWER DISTRICT
RPVTV
GINSBURG CULTURE ART$ BUILDING
DONOR RESTRICTED CONTRIBUTIONS
FEDERAL GRANTS
STATE GRANTS
FEDERAL GRANTS-ARPA
QUIMBY
LOW-MODERATE INCOME HOUSING
AFFORDABLE HSNG IN LIEU
EET
MEASURE A CAPITAL
BIKEWAYS
UNDERGROUND UTILITIES
ROADWAY BEAUTIFICATION
MEASUREW
WATER QUALITY FLOOD PROTECTION
REDEVELOPMENT OBLIGATION RETIRE
IMPROVEMENT DISTRICT 9
SPECIAL TRUSTS
&tiOlal
GRAND TOTAL
I
CITY OF RANCHO PALOS VE RDES
MO NTHLY TREASURER'S REPORT
JUNE 20 22
BALANCE
FORWARD DEBIT CREDIT
33,867 055.01 7,004191.56 11 ,717 298.07
0 ,00 000 0.00
35,992,620 63 2,784,765.00 580,161 36
2 ,807,727 31 77,100 00 52,961 ,01
0 ,00 0 .00 000
4 60,635.42 160,000,00 6,853.46
0 .00 0 00 0.00
39,281,113.31 3,021,865.00 &39875.15
1.220,666.17 269,190.00 68.717.33
29,263.44 000 375.46
42,679 00 12 10 54637
6,228.56 20,680.00 9,355 00
0.00 0 .00 0 .00
1,933,047 .44 3,121.38 54 257,37
327,467 70 91 ,253.20 15,521 37
134,528.12 13,501 82 1,603,01
676 254.36 74,618 74 17 122,76
1,743,787.37 69,959.14 22 349.34
146,09083 0 .00 41,703.30
1,866,593.09 55 958 87 78,836 92
492,193.89 130,551.11 49,262 33
403,613.58 0 .00 43,602.39
738,944 .28 7,50000 12 422.15
0 .00 37,50000 37.500.00
165,716 ◄7 0,00 13,373 87
0 .00 000 0 00
0.00 000 0 .00
602,317 54 4,000.00 11.995 01
000 000 000
0 .00 20,012 00 20,012 00
4 ,576,611.04 0.00 93,937.99
732,546 65 000 42 ,034.68
285,121.15 27,221 85 0 ,00
879,884 76 0.00 31 .203 54
126,311.56 0 .00 1 66554
0 .00 0 .00 0.00
000 26,038 00 28 038.00
000 0 00 000
0.00 0 .00 0 ,00
806,535.71 000 54,475.30
000 0,00 000
167,667 90 283,80000 157,764.43
0.00 000 0 .00
90 1,874.28 74.954.64 16,227 64
19,206,364.89 1,231,872.85 924,303.12
92, 15',603.26 11 ,258,43•U1 13,281,577.04
Total Investment:
Chanae In Ch:mne In
Ending Cash Endina Cash
CASH Balance Balance ,n %
28,954,"3.50 l',712 &01.51 •14%
0.00 0 .00 0%
38.197.224 .27 2 204,603 84 6%
2 ,831 ,866 30 24,138.99 1%
0.00 0.00 0%
633.981.94 153,1 46.52 32%
000 0 .00 0%
41,863,072 51 2 381 ,881.15 '"'
1.423,338.84 202,472.67 17%
26,887 98 (375 .46 -1%
42.144 73 (534 27 -1%
17,553.56 11,325 00 162%
0 .00 0 .00 0%
1,861,911.45 (51 135.99 -3%
◄03.2 19 ,53 75.731 83 23%
146.226 93 11,698.81 9%
733,750.32 57 495.96 9%
1,811 397.17 67 609.60 4%
104,387 53 (41 ,703.30 -29%
1,843.715 04 (22,878.05 ·1%
573,482.67 81 ,288 76 17%
359,611.19 (43,802.39 -11%
734,022 13 (◄.922 , 15 -1%
000 (0,00) 0%
152,342 60 (13,373 87) -8%
0 .00 0.00 0%
0 .00 0.00 0%
794,322 53 (7,995 01 -1%
0 00 000 0%
000 0 ,00 0%
4,462,673.05 {93,937 99 -2%
690,511.97 (42,034.68 -6%
312,34300 27.221.65 10%
846,661.22 131 ,203 54 -4%
124 646 02 (1,665.54) -1%
000 0 ,00 0%
000 000 0%
000 000 0%
0 .00 0 .00 0%
752,060 41 (54 475.30) -7%
0 .00 000 0%
293.703 47 126,035.57 75%
000 000 0%
958,601.28 58,727 00 6%
19,513.934.62 307 ,569.73 2%
90,131,460.63 (2,023,142.63) ·2%
90,131,480.63
A-2
CITY OF RANCHO PALOS VERDES
MO NTHLY INVESTMENT REPORT
JUNE 2022
tuu.rot Ac.111uisition Matunly Market Book
1.-vHCm.nt lnv.stment CUSIP# o.te Term o.,. V•lu• Value Viield
Local Agency Investment Ft.11d (LAIF-CITY) State cl Cal~om,a NIA NIA OnOemand 59,332196 $ 59.332.198 086%
Note(1)
CD • Nen-Nagottable Malaga Bank 212312022 6Mos 6122/2022 $ 250,000 250,000 0~
CD • Non-Negollable Malaga Bank 2123/2022 6 Mos 812212022 $ 4.069 725 s 4.069,725 020%
CO • Bank of New Yori< .Vn,ng Sparl<s (Non-
Negotiable) A+ Fed Credll UIWKI Au,un 00224TAB2 6/2912022 60 MOS 6rl9f2027 $ 250,000 250000 355
Allegiance Bank Texas 01748DAY2 111'Jf.1017 60MoJ 11131'2022 $ 250,000 $ 250,000 220%
Ally Bank 02007GKW2 7125/2019 36Mos 712512022 s 250000 s 250,000 215%
Amenean Bank Na Le Mars 024373AZ5 9127/2019 36 Mos 912712022 s 250000 s 250000 165%
Amencan E.xpr Nall Bank 02589ABM3 3/3'2022 36 Mos 31:)/2025 s 250.000 s 250000 18oqt,
AUBSTB 05059LAC6 313112022 48 Mos 3131R026 s 250,000 $ 250000 2 10%
AXOS Bank 054650AK4 :lr.!llr.2020 48 Mos J/26/2024 s 250,000 s 250000 165%
BMW Bank of Northern
America 05580AB45 7123/2021 36Mos 712312024 s 250000 s 250 000 050%
Bollin 06063HMT7 7l2212020 BO Mos 7122'2025 s 250000 $ 250 000 065%
Sank of Oeerliekl 061785EG2 9/25/2019 42 MoJ 3fl4/2023 $ 250.000 s 250000 165%
Bank FOIW&fd 06216J8N9 12128f.!019 60 Moa 12/18/2024 $ 250,000 s 250.000 1 75%
HAPOALO 1/2 06251A202 12114/2020 60 Mos 12125/2025 s 250,000 $ 250.000 050%
88nkbk 2 05 06610RBL2 4/1412022 •2Mos 10/14/2025 $ 250,000 s 250000 205%
Bankunlted 066519CK8 31512021 SO Mos 31512026 s 250,000 s 250,000 065%
Bardays Bank Oelawate 06740KK08 7112/2017 60 Mos 711212022 $ 250.000 s 250,000 2 2oq,.
8axler Credit Union 07181JA80 612l/2022 36 Mos 6'23/2025 s 250.000 s 250,000 310%
Baycoast Baok 0727271•.ZJ 112412020 60 Mos 1/24/2025 s 250.000 s 250000 1 70%
Baal Bank USA 07371CK32 31412022 48Mos 3/412026 s 250 000 s 250000 190%
Bus,ness 8k Of St LOUIS 12325EHV7 7/1912017 60 Mos 7119/2022 s 250,000 s 250,000 205%
CIT Bank 12556LBB1 8123/2019 30Mos 2123/2022 s 250,000 $ 250,000 195'!E,
Cap,1a1 On 1 100 14042RQBO 11/3012021 60 Mos 1111712026 s 250000 s 250 000 110%
Captal On 2 800 14042ROS3 4l20/2022 60 Mos 4120tl027 s 250000 s 250000 280%
Capital One National 14042RSKB 6/29/2022 48 Mos 61112926 s 250000 s 250.000 340%
Cap,lat One Bank USA 14042TB08 7124/2019 JS Mos 712512022 $ 250,000 s 250.000 210%
Celtic Bank 151 tBRUX:l 4/1712020 60Mos 4117/2025 s 250,000 $ 250,000 1 !10%
Comenity C 2 650 20033A3A2 4114/2022 60Mos 411412027 $ 250 000 $ 250,000 2~
C<lnneclone Bank 20786ADL6 9/24/2021 SO Mos 912712026 s 250000 s 250 000 0~
Comexus Cred,t Un.on 20825WAT7 5127rm2 36Mos 512712025 $ 250.000 s 250.000 300%
DartBII llllason 237412ASO 612212022 42 Mos 12/22'2025 s 250.000 s 250.000 310%
O.scover Bank 254673870 4r.l8/2022 36 MOS 4128/2025 s 250000 $ 250000 280%
Eaglellank 27002YET9 1/1712020 36 Mos 1117/2023 $ 250,000 s 250,000 1 70,,
Eag1emar1< Sav,ng• Bank 27004PCM3 3/212022 60Mos 3/212027 s 250,000 $ 250,000 2 oo,i,
F MBKWI 12 3078110P1 1114/2022 60 Mos 1/1412027 s 250,000 s 250,000 1~
FNwe 32022EAW6 12/2W2021 60 Mos 1212912026 s 250000 $ 250000 105%
Frst Internet Bank of In 32056GC01 7114/2017 SO Mos 711 4/2022 $ 250.000 s 250000 205%
F ,rs1 Nan Bank 32110YXG5 612712022 60 Mos 6/24/2027 s 250,000 s 250,000 3WY.
First Nau Banl</OAMA 32117BE07 12130/2021 60 Mos 12f.l0l2026 s 250 000 s 250.000 125% Four Pts FCU Omana 35089LAD5 6/Zl/2022 60 Mos 6129/2027 s 250,000 $ 250 000 340'!!,
General1on1 Bank 371 49CAX5 5112/2022 60Mos 5112/2027 $ 250.000 s 250,000 310'll. Greenstate Credit Un,on 39573LAC2 S/29/2022 2Mos 712912022 $ 250000 s 250,000 220%
lnte<Ctedn Bank NA "58657MC4 1/20/2022 60 Mos 1/29/2027 $ 250.000 s 250.000 135% JP Morgan Chase Bank 48I28UMX4 9/JQ/2020 60 Mos !ln0i'l025 s 250.000 $ 250000 OJOo/o LCA Bank Co<p 8017!181.K6 111212018 60 Mos 1112/2023 s 250.000 s 250000 235% Live Oak Bankng 538036UG7 21112022 48 Mos 2/2120'26 s 250,000 $ 250,000 125% MAGBNC 559582AL5 1013012020 54Mos 4/3012025 $ 250000 s 250,000 0~ Malaga Bank FSB 5e102AAJ5 5129/2020 60 Mos 512Q/2025 s 250.000 s 250,000 070%
A-3
CITY OF RANCHO PALOS VER DES
MO NTHLY TREASURER'S R EPORT
JUNE 2022
Issuer or Aequlattion Matwrity ... ..-.t Book
lnli'•t.vn.nt ln"'""""'nt CUSIPo Oat• T•rm O•t• V•lue Value YMid
Ma~,n Busw>ess Bank 57116ATM0 111512020 60Mos 1/1512025 250000 s 250,000 175%
Medallion Bank Utah 5841)4DFE6 911812019 36 Mos 9119/2022 $ 250,000 $ 250.000 HO'II.
Memck Bank 59013JC23 10/11 /2017 eoMos 10111'2022 $ 250,000 $ 250,000 2 I0'lo
I,M-Missouti Bank 59541KBP1 1/19/2016 60Mos 1/1912023 s 250000 s 250 000 235'11
Mo,gan Stanley 81< 61690UK82 6/2f2022 36 Mos 6/2l2025 $ 250000 250.000 305'!1.
Morgan Stani..y PVT Bank 617eoAZ51 9/1912019 48Mos 911912023 250000 s 250,000 165%
NCWl115 633368FJ9 1119/2022 60 Mos 1119/2027 $ 250,000 $ 250000 1 15'!1.
N..w York C<,mmunily Bank S4~7UP2 1;113/2021 J6MOS 6/3fl024 $ 250000 250 ,000 035 ...
Nonhftlod Bank 66612ABX5 1012512017 60Mos 10/2512022 $ 250,000 250000 2 15%
Oldarn, 15 6 79585AZ2 112on022 60Mos 1120/2027 $ 250,000 $ 250000 115%
Olmbmo265 68002lCN6 412912022 54 Mos 10/29/2026 $ 250000 $ 250,000 265%
Pathfinder Bank 70320KBR1 1/2912()22 60Mos 1/29/2027 $ 250,000 $ 250000 120%
Bpop 2 45 73317AAYij 4/U/2022 36Mos 4/1 4/202!, $ 250000 $ 250 000 245¾
Preferred Bank LA 7403671AA2 71171'2020 60Mos 711712026 $ 250,000 $ 250,000 050%
Raymond James Bank 75'72RAN1 1112612()19 72 Mos 11/26/2024 s 250,000 s 250000 I 85%
Sallie Mae Bani</Satt Lake 7954504P7 11/1612019 60Mos 10/1612024 $ 250000 $ 250,000 1 90%
Signature Bl< Chicago 826611V8Y6 11/812017 60Mos 11/812022 $ 250,000 $ 250000 2 15%
State Bank of lnaa 856285RS2 11127/2019 72 Mos 1112712024 $ 250,000 $ 250000 205%
SIMing Bank POP Bl MO 859 1&VON2 51/18/2019 48Mos 9/18/2023 $ 250000 $ 250,000 1&5%
8KCROW 88241TJJO 100:)12020 60 Mo5 10/2312025 s 250,000 s 250000 0 eo,r.
Texas Exchange Bank 88241TJN1 11/2512020 60 Mos 11125/2025 $ 250 000 $ 250000 060%
Texas Exdlange Bartlt 882•HJR2 12/16/2020 60MOS 1211812025 $ 250.000 s 250,000 060%
To,ota Financial SYl)s Bank 89235MLE9 7129/2021 60 'ilos 7/29Qf)26 s 250 000 s 250,000 095%
use Bank uSA 903"48JN30 612412021 36Mos 6/2412024 s 250,000 $ 250,000 035 ...
United Bsnke,s Bank 909557JP6 1211612021 56 'ilos 811712026 $ 250 000 $ 250000 , 00,.
Visaon Bank of Iowa 92834CCl4 11129/2019 72Mos 11/29/202• $ 250,000 s 250000 175%
Wells Fargo Nat'I Bank
West 949495AQ8 1/17/2020 36 Mos 1/1712023 s 250,000 250000 190%
TreaSl.f)'-Bank of New Yoll<(V,..ng Sparks) Untied States Treas 912826535 9112/2019 45 Mos 6/30/2023 $ 1 000,000 1,000,000
1 -UMed Stahls Treas 912628XZ8 6/30/2020 60MOS 6130/2025 s 1 000,000 $ 1,000000 2 75%
un,ted States Treas 91282CBC4 t/1212021 60Mos 1213112025 s 2,000000 s 2000000 036%
Fed Farm Credrl Bank 3133ElH1 61812022 80Mos 61812027 $ 1 000,000 s I 000000 094%
Fed Fann Cre<l1t Bank 3133E'ilZ21 815/2021 54 Mos 41612026 $ 1000 000 s 1,000 ,000 069%
Fed Farm Cted1t Bank 3133ENYX2 6/17/2022 24Mos 611712024 $ 500,000 $ 500000 3~%
Tolllllll-S .,401,IIU
Summary Weighted Rttum 2.08%
l ocal Agency lnvesiment Fund (LAIF-C11Y) 59,332 197 5ol
Ce<1mca11 of Depou . Malaga Bani< 250.00000
Cert,flcate at Deposn -Malaga Bank 4,069 725 04
C<nftcate al DepoSII • Vining Spa,1(s 18,250,000 00
TreaSl.f)' S.Ns • Vin1no Sparks 950000000
TOUilffi-11,401 ,"2.'8
BOW balance 3308,96$ 71
PetlyCMh 5,000 00
S!JIIN money mancet 272,604 34
F• Mancet Value A<11uotmen1 ,, 857,03200)
Total cash & lnveslment 88 401 ,922 51!
TO!al cash & .,,estmenl from aboJ.. 90 13146063
A-4
Malaga Bank • CD
5%
NOTE:
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
JUNE 2022
SUMMARY OF CASH BALANCE BY INSTITUTION
JUNE 2022
Vining Sparks• Treasury Bank of the West
7% 4%
Vining Sparks . Money Market
0".4
{1 ► LAIF m.art<et values .. 11 be r~ to vary lfom l)oo~ vaiu.t lhe City cal<:ulalfld sharedlDtal LAIF aSMU Is l<!U tnanlhe City book value.
To lhe !lest of my """"'4e<lge. tt>e<e are no m,ssta\em&nts 01 matenal amount< within lhis report.
or omiss,on1 of matenal amount., to cause the report 10 be m15le~
I cemy that 1h15 reporl acwretely reflects all Coty 111Vestmen\s and compl,es with the ,nveslmel>! policy of lhe City
ol Randlo Palos Verdes as approved by lhe Cny COln:II FuMennore I cenlfy that sufficient 01vestment liqu,d,t;
and antiapated re't'enues are avallab4e to meet die C1t"(s expenditure requsements b" the next six months
Respealully subm1ned
Dated
A-5